Pros:- You can pick your cover to suit your story-unless like me, you have a great designer and her covers give you ideas-and you don't have the worry that the cover has no connection to your story.
You choose the market placing for the story and are not relying on somebody, who you don't know and can't trust telling (!) you where they (!) are putting your books-many of my stories sit happily in two or three genres.
I have been fortunate to have had the pleasure to work with a wonderful editor; Julia has been invaluable, both in her support for my work and helping me progress my art.
You may not get much, but you have fewer outgoings too and as an Indie writer that is (!) one consideration I take into account-strangely, it is one thing no interviewer asks those Indies "Who made it big."
Cons:- You never get the value of your work, being an Indie with no sales record, I have to sell at rock bottom prices to try and get the occasional sale-months of work for the price of a coffee-if I am lucky :(
You don't know the market place and trust to luck more times than judgement to get someone's eye for a sale.
You spend more time trying to market than write, as nobody will do it for you and at times you wonder is it worth all the hassle for what you might (!) get for the work?
I make no bones, it's hard work writing and trying to promote, but as an Indie you need to cut costs too make a dime and I rely on favours, which to my shame I can never (!) repay.
I still feel better being an Indie and to press the point home; a friend who came second in a Facebook contest last year and got offered work by Horny Devil Publishing house, recently told me she sells more of her work than HDP.